Equitable Trust investigates $14m in loans for fraud
Equitable Trust’s parent company is now investigating suspected fraud relating to four loans carrying an outstanding balance of $14 million, at the same time it considers taking legal action against “several parties.”
Hear ye! Hear ye! The rate wars are over?
It’s not exactly a white flag, according to one Vancouver broker, but the move by some of the Big Five to slash discounts on their ARMs may be the first tentative sign this year’s rate wars are winding down as the banks meet their year-end targets.
Eroded housing affordability tests Vancouver broker
Housing affordability concerns in the second quarter are helping explain a slower summer for brokers across much of the country, with an increasingly expensive Vancouver now at risk of a downturn, according to a new report.
Broker: Lenders, time for forced-savings mortgage
A veteran broker is renewing calls for channel lenders to develop a “forced-savings” mortgage, focused on helping borrowers shift debt at the same time strengthening the industry’s hand.
Lender paperwork frustrates brokers, lawyers
A leading broker is asking channel lenders to look at standardizing their instructing documents for lawyers, a way of easing the headache for legal and mortgage professionals, alike, but also creating a competitive edge for the industry.
Veteran cautions new agents on bank deals
An industry veteran is asking young agents to take a second look at the number of deals they’re sending to members of the Big Five, suggesting stronger relationships with monoline lenders is essential to retaining clients but also to serving them.
Broker channel lenders balk at hotel-condos
An agent looking to use Toronto’s growing condo-hotel market to carve out a niche for himself is finding a dearth of channel lenders willing to write mortgages on those suites, which spend most of their time in a rental pool.
Bozic weighs in on exclusivity agreements
A broker channel lender is endorsing the idea of client exclusivity agreements, arguing the time has come for an industry-wide discussion on those controversial but, perhaps, increasingly necessary contracts.
Broker frustration sparks debate on client exclusivity agreements
Exclusivity agreements: It’s a controversial idea, but one whose time may have come, with IMBA President Albert Collu kicking off an industry dialogue on contracts that would penalize clients for using brokers to get better rates at the banks.
Brokerages downsize sales force
It may run counter to their competitors, but a number of brokerage heads have moved to downsize sales forces, instead of adding to them – a way of freeing themselves to grow their own sales as new home purchases slow.